Restructuring specialists at business advisory firm Quantuma have helped to save 42 jobs following the rescue of London digital consultancy Chelsea Apps Factory.
Chelsea Apps Factory designs and delivers mobile applications (apps) to a range of business sectors from its base in Clerkenwell, London. The £6.6m turnover company was sold in a pre-pack deal to CA Factory Ltd, saving a total of 42 jobs in the process, and preserving the value of the business and its in-house intellectual property.
Established in 2010, Chelsea Apps Factory provides end-to-end services to a host of big-ticket clients. The firm has previously worked with Transport for London to enhance customer service on the London Underground by building an app to provide an overview of real-time incidents. The company has undertaken similar app development projects for Waitrose, creating an employee app for wine specialists which provides tasting notes and food pairings to customers; and has developed improved mobile player products for Ladbrokes.
Quantuma partners Andrew Hosking and Simon Bonney were appointed joint administrators to Chelsea Apps Factory Ltd on Thursday 12 July.
Mr Hosking, joint administrator at Quantuma, said: “Tech is a highly competitive industry, and businesses rich in intellectual property can be subject to complex financial headwinds. This deal allows Chelsea Apps Factory to continue its operations, crucially safeguarding 42 roles, and minimising disruption to ongoing clients.”
Fellow joint administrator and head of Quantuma’s technology sector Mr Bonney added: “Our involvement from an early stage allowed us to enter negotiations quickly, and we are very pleased to help save more than 40 jobs in this hi-tech industry – a significant result and a positive outcome for the business.”